True Corporation Public Company Limited

SET:TRUE Stock Report

Market Cap: ฿476.8b

True Corporation Future Growth

Future criteria checks 4/6

True is forecast to grow earnings and revenue by 22.6% and 1.6% per annum respectively. EPS is expected to grow by 22.1% per annum. Return on equity is forecast to be 30% in 3 years.

Key information

22.6%

Earnings growth rate

22.12%

EPS growth rate

Telecom earnings growth5.4%
Revenue growth rate1.6%
Future return on equity30.02%
Analyst coverage

Good

Last updated08 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 07

TRUE: Stake Sale To Arise And Governance Changes Will Support Upside

Analysts have nudged their price target on True Corporation slightly higher to THB19.3 from THB19.0, citing updated assumptions around revenue growth, profit margins and forward P/E expectations. What's in the News Arise Digital Technology Company Limited completed the acquisition of a 24.95% stake in True Corporation from Telenor ASA for approximately THB100b at THB11.70 per share on March 13, 2026.
Narrative Update • May 24

TRUE: Stake Sale And Leadership Changes Will Shape A Steady Outlook

Analysts have revised their view on True Corporation, raising the price target to THB13.80 from THB12.73. This change reflects updated assumptions about discount rates, revenue trends, profit margins, and future P/E expectations.
Narrative Update • May 07

TRUE: Stake Sale And Leadership Changes Will Shape A Balanced Outlook

Analysts have revised their price target for True Corporation to THB12.73 from THB11.35, citing updated assumptions for the discount rate, revenue, profit margin and future P/E multiples. What's in the News Arise Digital Technology Company Limited agreed to acquire a 24.95% stake in True Corporation from Telenor ASA for approximately THB 100b, with a cash consideration of THB 11.70 per share.
Narrative Update • Apr 21

TRUE: Stake Sale To Arise And Governance Changes Will Support Upside

Analysts have kept their THB fair value estimate for True Corporation steady at THB19.0, with only small refinements to assumptions such as discount rate, revenue growth, profit margin and future P/E shaping the updated view. What's in the News Arise Digital Technology Company Limited agreed to acquire a 24.95% stake in True Corporation from Telenor ASA for approximately THB 100b at THB 11.70 per share, with a mutual put or call option in place for Telenor's remaining 5.35% stake two years after closing at the higher of THB 11.70 per share or the prevailing market price (Key Developments).
Narrative Update • Apr 07

TRUE: Court Win And Stake Sale Will Support Future Upside

Analysts have kept their THB 19.00 price target for True Corporation steady, with small tweaks to assumptions around the discount rate, revenue growth, profit margin and future P/E that reflect largely unchanged long term expectations for the shares. What's in the News Arise Digital Technology Company Limited agreed to acquire a 24.95% stake in True Corporation from Telenor ASA for approximately THB 100b at THB 11.70 per share, with a mutual put/call option on Telenor's remaining 5.35% stake at the higher of THB 11.70 per share or the market price two years after closing (company announcement).
Narrative Update • Mar 24

TRUE: Court Win And Governance Changes Will Support Future Upside

Analysts have raised the price target for True Corporation to THB19.0 from THB18.2, citing updated assumptions for the discount rate, revenue growth, profit margin, and a higher expected future P/E multiple. What's in the News Arise Digital Technology completed the acquisition of a 24.95% stake in True Corporation from Telenor ASA for about THB100b at THB11.70 per share on March 13, 2026, with Telenor retaining a 5.35% stake under a mutual put or call option arrangement (Key Developments).
Narrative Update • Mar 09

TRUE: Court Win Will Secure Margins And Support Future Upside

Analysts have marginally raised their price target for True Corporation from THB15.87 to THB15.96, citing updated assumptions for revenue growth, profit margins and future P/E as the main factors behind the revision. What's in the News Arise Digital Technology Company Limited agreed to acquire a 24.95% stake in True Corporation from Telenor ASA for approximately THB 100b.
Narrative Update • Feb 23

TRUE: Future Stake Sale And Court Ruling Will Support Profit Margins

Analysts have adjusted their price target for True Corporation from THB15.16 to THB15.87. This reflects updated views on discount rate assumptions, a lower projected profit margin, and a higher future P/E multiple, despite a revised revenue growth outlook.
Narrative Update • Feb 09

TRUE: Stake Sale, Court Ruling And Board Change Will Shape Outlook

Analysts have adjusted their price target for True Corporation to THB 11.35, reflecting updated assumptions on discount rate, revenue growth, profit margin, and future P/E that modestly refine their view of the company’s risk and earnings profile. What's in the News Arise Digital Technology Company Limited agreed to acquire a 24.95% stake in True Corporation from Telenor ASA for approximately THB 100b, with a cash consideration of THB 11.70 per share and an additional mutual put/call option on the remaining 5.35% two years after closing at the higher of THB 11.70 per share and the market price before the option period, subject to customary closing conditions (Key Developments).
Narrative Update • Jan 25

TRUE: M&A Stake Sale Board Changes And Dividend Review Will Shape Outlook

Analysts now estimate True Corporation’s fair value at ฿11.35, revised from ฿11.99, citing updated assumptions related to the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Arise Digital Technology Company Limited agreed to acquire a 24.95% stake in True Corporation from Telenor ASA for approximately ฿100b at ฿11.70 per share, with a mutual put and call option on the remaining 5.35% at the higher of ฿11.70 per share or the market price two years after closing, subject to customary conditions and expected to close within a few months (M&A Transaction Announcements).
Narrative Update • Jan 10

TRUE: Board Changes And Dividend Policy Review Will Shape Balanced Outlook

Analysts have raised their fair value estimate for True Corporation from ฿10.97 to ฿11.99, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E levels as key drivers of the change. What's in the News Board meeting scheduled for December 18, 2025 to consider the resignation of Mr. Natwut Amornvivat from the Board, Corporate Governance and Sustainability Committee, and Executive Committee, and the appointment of Mr. Vichaow Rakphongphairoj to those roles effective the same day (Key Developments).
Narrative Update • Dec 14

TRUE: Profitability Outlook And Dividend Decision Are Expected To Drive Upside

Analysts have nudged their price target for True Corporation slightly higher to THB 18.20 from THB 18.00, citing expectations for stronger revenue growth, improved profit margins, and a lower future price to earnings multiple. What's in the News True Corporation reaffirmed its 2025 earnings guidance, expecting flat to +1% year on year service revenue (excluding interconnection and domestic roaming with NT) and a return to profitability, despite macroeconomic headwinds and the impact of a one time network outage on mobile revenue (Key Developments).
Narrative Update • Nov 23

TRUE: Profit Margins Will Improve Despite Flat Revenue Outlook

Analysts have raised their price target for True Corporation from ฿15.01 to ฿15.16. This reflects improved profit margin expectations, despite more conservative revenue growth forecasts and a higher discount rate.
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New Narrative • Nov 13

Calculated Expansion And ESG Initiatives Drive Profitability Amid 5G Revolution In Thailand

True Corporation's network modernization and strategic digital expansion drive revenue growth and improve profitability with sustainable EBITDA growth.

Earnings and Revenue Growth Forecasts

SET:TRUE - Analysts future estimates and past financials data (THB Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028198,66529,49962,95897,91914
12/31/2027194,82327,92264,62495,24016
12/31/2026190,13224,23450,15483,23116
3/31/2026190,62614,19529,13985,222N/A
12/31/2025195,6699,24020,43882,090N/A
9/30/2025201,004-2,27015,22976,173N/A
6/30/2025204,615-4,65330,52076,887N/A
3/31/2025206,109-8,56330,99577,821N/A
12/31/2024206,020-10,96633,15178,446N/A
9/30/2024239,441-17,65337,50493,993N/A
6/30/2024238,533-18,44130,42687,807N/A
3/31/2024236,554-18,88222,48782,544N/A
12/31/2023202,889-17,49714,11662,596N/A
9/30/2023150,001-16,452-2,00839,530N/A
6/30/2023132,677-17,611-13,71432,595N/A
3/31/2023117,619-16,053-16,63829,256N/A
12/31/2022135,076-18,285-20,88435,222N/A
9/30/2022143,268-5,081-20,01533,221N/A
6/30/2022143,626-2,927-15,23138,147N/A
3/31/2022143,368-2,464-20,74535,201N/A
12/31/2021143,655-1,428-23,49435,058N/A
9/30/2021138,671-1,640-35,23725,189N/A
6/30/2021138,713-933-31,99630,426N/A
3/31/2021138,793628-16,61945,743N/A
12/31/2020138,2121,048-37,17337,672N/A
9/30/2020139,4101,415-27,90441,382N/A
6/30/2020143,1384,169-35,92930,810N/A
3/31/2020142,8333,967-57,13313,237N/A
12/31/2019140,9435,637N/A14,424N/A
9/30/2019136,9183,283N/A6,776N/A
6/30/2019134,436525N/A5,407N/A
3/31/2019161,7749,216N/A35,801N/A
12/31/2018161,8207,035N/A37,929N/A
9/30/2018167,14612,817N/A52,657N/A
6/30/2018166,03312,027N/A51,454N/A
3/31/2018140,0631,030N/A16,724N/A
12/31/2017139,519551N/A4,993N/A
9/30/2017134,699-5,441N/A-218N/A
6/30/2017132,352-7,290N/A-3,556N/A
3/31/2017128,162-6,127N/A-2,313N/A
12/31/2016124,719-2,814N/A8,096N/A
9/30/2016123,111-63N/A-1,330N/A
6/30/2016121,4353,528N/A-3,676N/A
3/31/2016119,4935,004N/A-7,310N/A
12/31/2015118,7814,412N/A3,333N/A
9/30/2015119,6065,803N/A2,841N/A
6/30/2015116,9362,110N/A9,252N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRUE's forecast earnings growth (22.6% per year) is above the savings rate (2.2%).

Earnings vs Market: TRUE's earnings (22.6% per year) are forecast to grow faster than the TH market (10.9% per year).

High Growth Earnings: TRUE's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TRUE's revenue (1.6% per year) is forecast to grow slower than the TH market (10.1% per year).

High Growth Revenue: TRUE's revenue (1.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TRUE's Return on Equity is forecast to be high in 3 years time (30%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/11 23:20
End of Day Share Price 2026/06/11 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

True Corporation Public Company Limited is covered by 39 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Thitithep NophaketBofA Global Research
Kijapat WongmettaBualuang Securities PCL
Prasit SujiravorakulBualuang Securities PCL